Not your typical situation, what planning do I need? Minnesota
I keep thinking I should estate plan and get life insurance, but it's one of those things I get so overwhelmed trying to learn what I need – versus just what someone is trying to sell me.
Here's my Stats:
- 35yo
- Minnesota
- Home-Owner with Mortgage
- Unmarried; may or may not someday
- No kids, not going to have kids.
- Virtually no savings.
- <$10,000 in retirement
- Paid-off car, reliable and lots of life left.
- $90,000 federal student loans (all in my name, no cosigned)
Things I would want:
My house to either go to a specific sibling, or be sold if my student loans need to be paid off.
My dog is very important to me, I have specific caretakers in mind and I'd like to have a portion of care costs covered (if I get life insurance/a special savings acct).
Burial Costs covered; natural burial
Some specifics about what I would/wouldn't want at a funeral (no idea if that's part of what's in a Will)
Retirement funds would go to my closest friend.
From what I know, a Trust is a great way to benefit loved ones and avoid probate, etc. But I don't know if you have to have a certain amount of assets for it to be worth it? Is it a hassle to manage while you're living, as far as updating what's included in it or any annual costs associated?
Or is a basic, regular will enough for someone with very little assets?
I do have a past Ch 7 bankruptcy in my history; I'm not sure if anything can get recouped in the event of my death and sale of assets.